Barack transfers property with a tax basis of $20,000 and a…
Barack transfers property with a tax basis of $20,000 and a fair market value of $60,000 to Obama Corporation in exchange for stock with a fair market value of $10,000 and $30,000 cash in a transaction that qualifies for deferral under §351. The corporation assumed a liability of $20,000 on the property transferred. What is Barack’s gain recognized on the exchange?